How would you buy?..then…How would you sell this one? - Posted by Dino
Posted by Dino on June 08, 2000 at 22:06:46:
Here`s the scenario,
Owner is willing to sell me his house for $95,000. FMV of the house is $116,000 - $120,000. He is highly motivated, and is considering allowing me to buy on a 6 month L/O. He will accept $2,000 down with the remaining balance due on, or before the end of the lease.
I`m not overly concerned about the front end(“The Purchase”)I am more concerned about the tail end( “The Sell”).
This house has been listed with a realtor for 6 monthes, a lot of lookers but no bites. It currently is listed at $118,500. He has already cleared it with the realtor to release him from his contract. The realtor has no real answers as to why it won`t sell. The area is known to sell fairly quickly. This house is in decent shape , could use about $1,500 worth of cosmetic fix-up.
The house next door is FSBO. It has 200 less sq. ft. and is wood frame, the house I am considering is a 2 story brick.The FSBO is asking ( for some odd reason) $134,500. If the realtor could not sell it with the MLS listing, what creative things can I do to market this property?
Since I have access to bank funds, my ultimate back door would be to cash it out for $95,000. But I would rather not tie up those funds if I don`t have to.
If this were your deal, which way would you go?
Any suggestions would be considered, and greatly appreciated